Botswana’s Diamond Dreams Dim as Lab-Grown Rivals Sparkle

Botswana, the world’s most diamond-dependent economy, is reeling from a global slump in diamond demand, driven largely by the meteoric rise of lab-grown alternatives. These man-made gems, nearly indistinguishable from natural ones but much cheaper and marketed as more ethical, have rapidly carved out a major share of the market. As prices plummet, Botswana’s economy has suffered, leading to the ousting of the former president, Mokgweetsi Masisi, in 2024. His successor now faces tough spending cuts amid calls for economic diversification. Despite this shifting fortunes, Botswana and mining giant De Beers are doubling down on marketing to rekindle the natural diamond’s allure. Their message: no lab stone can replace billions of years of beauty.